O estudo tem por escopo avaliar a conveniência e os impactos da redação do art. 136, §1º, da Lei 11.101/05, que protege as cessões de crédito para veículos de securitização dos efeitos dos artigos 129 e 130 do mesmo normativo, que, respectivamente, tratam dos atos ineficazes e dos atos revogáveis, em relação à massa falida. Isto em um ambiente de ausência de normas que regulem as cessões de crédito em operações de securitização. A análise perpassa a proteção pela normativa competente das relações creditícias, em um cenário já bastante comprometido pela crise financeira, isto é, a hipótese de falência do originador. Em suma, a ideia é entender o balanço entre a circulação do fluxos financeiros, as influências dos riscos no mercado de capitais e a tutela legal das operações a crédito no Brasil. / The study aims to assess the appropriateness and the impact of the article 136, paragraph 1, of the Law no. 11.101/05, which protects credit transfers to securitization vehicles of the effects of articles 129 and 130 of the same Law, which, respectively, deal with ineffective acts and the acts revocable, in relation to the bankruptcy. This in an environment of lack of rules governing the assignment of credit securitization operations. The analysis pervades the protection by competent regulatory credit relations, in a scenario already compromised by the financial crisis: the credit sellers bankruptcy. In short, the idea is to understand the balance between the circulation of financial flows, the influences of the risks on the capital market and legal guardianship of the credit operations in Brazil.

O estudo tem por escopo avaliar a conveniência e os impactos da redação do art. 136, §1º, da Lei 11.101/05, que protege as cessões de crédito para veículos de securitização dos efeitos dos artigos 129 e 130 do mesmo normativo, que, respectivamente, tratam dos atos ineficazes e dos atos revogáveis, em relação à massa falida. Isto em um ambiente de ausência de normas que regulem as cessões de crédito em operações de securitização. A análise perpassa a proteção pela normativa competente das relações creditícias, em um cenário já bastante comprometido pela crise financeira, isto é, a hipótese de falência do originador. Em suma, a ideia é entender o balanço entre a circulação do fluxos financeiros, as influências dos riscos no mercado de capitais e a tutela legal das operações a crédito no Brasil. / The study aims to assess the appropriateness and the impact of the article 136, paragraph 1, of the Law no. 11.101/05, which protects credit transfers to securitization vehicles of the effects of articles 129 and 130 of the same Law, which, respectively, deal with ineffective acts and the acts revocable, in relation to the bankruptcy. This in an environment of lack of rules governing the assignment of credit securitization operations. The analysis pervades the protection by competent regulatory credit relations, in a scenario already compromised by the financial crisis: the credit sellers bankruptcy. In short, the idea is to understand the balance between the circulation of financial flows, the influences of the risks on the capital market and legal guardianship of the credit operations in Brazil.

The introduction, and evolution of securitisation over the years, has made a phenomenal contribution to the area of corporate finance. Securitisation is specialised area which has evolved to deliver considerable advantages to banks and their corporate and government clients, a sub-subjected explored in this thesis. Securitisation is using the cashflow, creditworthiness and collateral of receivables to raise finance from the capital markets. To date, research on the subject of securitisation has produced a few textbooks and numerous articles written by academics and practitioners. The ambit of these writings addresses three questions, namely, what is securitisation; how does it work in practice; and how can securitisation be developed so that it can continue delivering advantages in the evolving world of corporate finance. Securitisation is very much a practical subject, and given that the author had very little, if any, practical exposure to the subject prior to developing this thesis, the author, admittedly, felt challenged to ascertain significant issues that could be developed to the extent that such development represents an original contribution to knowledge. Case law in the US had already explored the most significant issue regarding securitisation, namely, true sale. Armed with a solid theoretical base of knowledge that author looked for inspiration, and discovered it during the initial days when the Enron scandal hit the headlines. In short, the Enron scandal involved using the concept of securitisation to facilitate financial crime. The masterminds (if its appropriate to use such description) of the scandal, as this thesis will unfold later, cleverly used thousands of securitisation and hedging transactions to raise funds in order to give financial creditability to a giant corporation which on the surface appeared prosperous but, in reality, was breathing to a large extent on borrowed funds. This scandal, in which securitisation was used, inspired the author to develop the originality of the thesis by focusing on the issue of securitisation and financial crime. Given that financial crime is a huge area to explore, the author narrowed the focus to look at money laundering, and address the question: can the practice of securitisation facilitate money laundering? To approach this question and answer it at doctorate level required a solid understanding of what securitisation is and how it works in practice. Using textbooks, articles and conversations with practitioners, the thesis documents under Part 1, what securitisation is and how it works in practice before moving on to Part 2 to look at if and how securitisation can facilitate money laundering.

Made available in DSpace on 2016-04-26T20:29:58Z (GMT). No. of bitstreams: 1 Bruno Pierin Furiati.pdf: 1371264 bytes, checksum: 8738b62e9c4a2fd5fde69c8c23ed3b52 (MD5) Previous issue date: 2009-11-27 / This work discusses the securitization s basic foundation, which is the effective and irrevocable transference of credits by the assignee to the assignor - the true sale. Nevertheless, to understand the its correct meaning, it is necessary to analyze each and every aspect of the components of the transaction, including the assignment. The result of the consideration of the North American law s concepts will create the way for the definition in the scope of the Brazilian law. Indeed, this is why aspects of Brazilian law will be laying side by side with the North-American doctrine. In addition, to be able to reach the assignment s analysis on a bankruptcy event, it is necessary to go over the aspects of the contracts law, which will be discussed on the second section. It is not only a Brazilian law review, but also a study with a background on the European legal system. This will be necessary to accomplish a concrete solution for this work. Finally, the last section will go through the commercial law s aspects, a the same time connecting it with some subjects of the contract law theory. The bankruptcy and the issues attached to it shall be formally addressed in a systemic way, so it would be able to answer the questions that arouse from the true sale / O presente trabalho trata da fundamentação básica para a securitização, qual seja, a transferência efetiva e irrevogável dos créditos do cedente para o cessionário. A chamada true sale. Todavia, para uma correta interpretação doutrinária de seu sentido, faz-se necessário analisar todos os componentes da operação, inclusive a própria cessão. A partir dos conceitos do direito norte-americano, constituem-se os caminhos para a definição no âmbito do direito brasileiro. Em razão disso é que na primeira parte deste trabalho os aspectos do direito nacional estão alocados lado a lado aos do direito norte-americano. Adicionalmente, para que se possa chegar à aplicação da falência na cessão se faz necessário transcorrer pelos aspectos do direito civil, na segunda parte. Não é apenas uma visão brasileira, busca-se também sua fundamentação no direito europeu, procurando-se chegar a determinações concretas. Ao final, ingressa-se no campo do direito empresarial. Não sem pincelar alguns pontos de direito civil. A falência e os conceitos a ela atrelados são postos de forma sistemática, a fim de que se possa problematizar com rigor a questão da true sale

我國為重建金融環境，引進源自美國的資產證券化（asset securitization），近二年制訂金融資產證券化條例與不動產證券化條例，至今已成功發行八件案例。若能將資產證券化範圍擴大適用於智慧財產權與相關債權，或可解決目前企業以智慧財產權融資擔保所面臨的困境，不但有助於我國產業籌措營運資金和提升發展，亦能增加投資人金融商品之選擇與效益。 智慧財產權證券化（IP securitization）是近年國外重點發展之產物，其涉及財務、會計、賦稅、法律等多重領域。本文研究範圍與焦點，首先是國外文獻與實際案例（美國與日本）之整理與介紹，探求智慧財產權證券化可行性的成功要素與風險。其次是我國現行法如何針對智慧財產權證券化進行修正，包括基礎法制的真實買賣與特殊目的機構之獨立性問題，以及有關智慧財產權的特殊議題，例如適格資產範圍、權利瑕疵與衝突、特殊保證機制、智慧財產權鑑價等。本文目的，希冀提供未來我國制訂相關法規和實務配套措施之參考，能使金融機構與企業能瞭解智慧財產權證券化之可行性。 智慧財產權證券化成功因素，關鍵在於現金流量之估算與掌握，我國若要發展智慧財產權證券化，除了建立具有公信力的智慧財產權鑑價機制外，初期仍需倚靠外部信用增強機制，例如美國電影業的完工保證、智慧財產權訴訟保險與韓國信用保證基金的運作模式，以加強投資人對於此種商品之信心，此外財務規劃、風險管理與專業人才責任，亦是整備基本環境之重點。 藉由外國經驗與檢討，我國要進行智慧財產權證券化實須待一段時間建設，然而隨著金融商品推陳出新、金融市場快速變遷、智慧財產權產業擴充整合，以及智慧財產權融資擔保等發展，未來主管機關和立法機構勢必需修正有關真實買賣之法律要件、特殊目的機構獨立性、將來債權轉讓移轉時點等問題，並放寬開發型案件得證券化、加強著作權公示與對抗制度、建立基礎資產公告與交易資料庫等，是時，將為資產證券化議題再次注入活水，開創一番新局。

L'elemento che distingue un'operazione di cartolarizzazione consiste, secondo la definizione espressa nell'accordo di Basilea2, nell'identificazione di almeno due differenti posizioni di rischio (tranche), stratificate e subordinate, emesse a fronte di uno specifico portafoglio di attività. Nonostante il ricorso al tranching sia ampiamente diffuso e standardizzato le determinanti che giustificano il ricorso all'emissione multi-tranche sono ad oggi poco approfondite. Inoltre, i titoli emessi a fronte di operazioni di cartolarizzazione (CDO) possiedono profili di esposizione al rischio di credito differenziati, in termini di incidenza delle perdite attese ed inattese, ed in termini di correlazione con altri fattori di rischio: la valutazione del profilo di rischio è condizione necessaria per l'attribuzione di un giudizio di rating e per la definizione di un appropriato premio al rischio (pricing). Si rivela necessaria tanto la stima della distribuzione delle perdite del portafoglio (credit risk modelling) quanto l'analisi strutturale dei flussi di cassa generati e l'allocazione degli stessi alle tranche (cash flow modelling). Sulla base della letteratura di security design la tesi intende valutare l'efficienza del processo di intermediazione basato sulla cartolarizzazione multi-tranche rispetto all'intermediazione bancaria tradizionale e a forme di asset-backed security con unica tranche e focalizza l'analisi attraverso una verifica empirica delle teorie economiche a supporto del tranching, con particolare riferimento alla cartolarizzazione dei prestiti concessi ad imprese di piccola e media dimensione, oggetto di analisi specifica condotta nell'ambito di un'esperienza di stage presso il Fondo europeo degli investimenti. Quindi, grazie alla realizzazione di un modello computazionale sviluppato con un software di pianificazione finanziaria multidimensionale (Quantrix), la tesi presenta un approfondimento delle technicalities, mediante una modellizzazione dei flussi e della loro allocazione (Waterfall Payment Order), allo scopo di apprezzare il valore aggiunto di queste strutture di intermediazione. Aspetto, questo, non sviluppato nella letteratura accademica. L'analisi si rivolge alle operazioni realizzate nell'ambito dei due principali programmi di cartolarizzazione dei prestiti alle PMI attuati in Europa (Ftpyme e Promise). / Securitisation is a structured finance instrument which involves pooling of financial assets (such as loans and bonds) and creating multiple tranched liabilities, collateralized debt obligation (CDO), of a single issuer with different risk-return characteristics, which are sold as separate securities. According to the New Basel Capital Accord, tranching is the key feature that distinguishes securitisation transactions; although commonly applied, the factors that determine the extent and the nature of tranching remain largely unknown. Moreover, because tranching allows the risk characteristics of the collateral pool to be transformed, it contributes to transaction complexity in assessing the risk properties of such structured instruments: the risk profile that can be generated through tranched exposure, in terms both of expected/unexpected incidence losses and correlated default of pool assets, can lead to substantial differences among tranches, depending on the level of subordination below a certain tranche. Key to the reliability of structured finance pricing and ratings is the accuracy in assessing the credit risk in the underlying portfolio (credit risk modelling), as well as the accurate modelling of the distribution of cash flows to different classes of CDO (cash flow modelling). By analyzing the finance literature relating to security design and securitization this thesis provides an analysis of the efficiency of financial intermediation model based on securitisation and an empirical test of theories supporting the economic added value of tranching, with regard to SMEs loan securitisation, which topic was specifically investigated during a stage at the European Investment Fund. By realization of a computational model, performed using a multidimensional modelling software (Quantrix), the thesis closely examines securitisation transaction's technicalities, by modelling both portfolio cash flows and funds allocation (Waterfall Payment Order), in order to asses the ability of the structure to withstand various stressed scenarios. This analysis offers an analytical and micro-approach to securitisation transactions, which has not deeply investigated in academic literature yet. The model applies to SMEs loan securitisation transactions, concluded within specific securitisation European Programme (Ftpyme in Spain and Promise in Germany).